Most Americans Think Engagement Ring Should Cost Less Than $2,000, Survey Finds

February 4, 2014byRob Bates

Some 59 percent of Americans don’t want to spend more than $2,000 on an engagement ring, according to a new poll from American Express Spending & Saving Tracker.

That is down from 2013, when 62 percent felt their token of love should come in below two grand.

Some 38 percent of respondents said a ring should cost less than $1,000, and 21 percent said it should fall between $1,000 and $2,000. Only a quarter of couples—25 percent—pegged the right amount as between $2,000 and $5,000, while a big-spending 16 percent were willing to lay out $5,000 or more.

Overall, the poll found that Americans hope to pay, on average, $2,311 for their engagement rings, lower than 2013’s $2,410 average price.

The tracker also found that 24 percent hope to give jewelry this year, on par with last year’s 24 percent. Some 20 percent of respondents said they expect to be engaged by the end of the year. Nearly half of those will receive or plan their proposal on Valentine’s Day.

Other surveys covering jewelry and Valentine’s Day:

– The National Retail Federation found that 19 percent of consumers plan to give jewelry this Valentine’s Day, down from last year’s 19.7 percent. Jewelry spending will total $3.9 billion, the group said, which is down from last year’s estimate of $4.4 billion. More consumers plan to give greeting cards (cited by 51 percent), candy (48.7 percent), and flowers (37.3 percent).